Bybit Review

Bybit Review 2023: A Comprehensive Analysis

TLDR

Bybit, as highlighted in many reviews, aims to create a global economy by offering a secure, fast, and transparent trading system. With millions of users worldwide, Bybit strongly emphasizes customer satisfaction and strives to provide the ultimate user experience.

The platform offers a $20 welcome bonus. It helps new users explore features like P2P trading, The NFT market, and crypto leverage. It’s a lucrative opportunity. Best of all, you don’t have to spend money to start leverage trading with 100x.

Also, the platform’s outstanding speed makes it ideal for new and pro traders. Despite its unique features, Bybit lacks in terms of spot trading options. All in all, this crypto exchange is a solid recommendation.

Our review

ByBit is the perfect cryptocurrency leverage exchange, offering spot margin, perpetual contracts, and Futures markets trading with up to 100x leverage! It has a user-friendly trading feature and advanced charts suitable for all trading styles. Spot fees are competitive at 0.1%, while futures fees start at 0.06% / 0.01%. In short, ByBit is a leading crypto margin platform with high traffic, trading volume, and liquidity, attracting over 10 million registered users.

Who should use Bybit?

Overview

Since its establishment in 2018, the Bybit ecosystem has undergone significant growth. Bybit executives have remained committed to two main priorities: user-friendliness and platform security.

The platform has never experienced a system overload, indicating its reliability and reputation as an exchange. Continuous innovation and growth draw more users to the exchange, positioning Bybit to capture a larger market share in 2023.

Bybit’s platform stands out in the crypto industry. It’s advanced, secure, and user-friendly. It caters to both retail and institutional traders. Moreover, it has an impressive transaction handling capacity of 135,000 transactions per second, surpassing all its competitors.

For new users

For new cryptocurrency trading users, Bybit is an excellent platform. Its user-friendly interface and easy navigation make it simple for beginners to start.

Bybit provides educational resources for users. These include tutorials, guides, and a demo account. New traders can learn and practice without risking real funds. The demo account is stress-free and builds confidence.

Lastly, the new users get a $20 welcome bonus, allowing users to explore different features of the cryptocurrency exchange.

Geographical availability

Bybit operates in over 200 countries and actively seeks to expand its presence by adding more regions to its network.

However, it’s worth mentioning that Bybit doesn’t operate in certain jurisdictions. For example, the exchange is unavailable in the USA, Syria, or the Canadian province of Quebec.

The exchange has tried to cater to a diverse audience by translating its platform into multiple languages, including English, Chinese, Korean, Japanese, Russian, and more.

What makes Bybit a good choice?

Team’s reputation

One of the main reasons that led to the platform’s exponential growth is the team’s reputation behind it.

In 2018, Ben Zhou founded Bybit and currently serves as its owner and CEO. Ben has an extensive background in the forex market and successfully operated a forex exchange for eight years.

The Bybit team includes professionals with experience in investment banking at prestigious companies such as Morgan Stanley and Tencent. Finally, the team’s impressive credentials are likely a key factor that makes it a safe platform for trading crypto assets.

User-friendly interface

At first glance, the Bybit interface appears to be more user-friendly than many other exchanges in the cryptocurrency space.

On top of that, the platform seems to have taken inspiration from the interface of Binance, one of the most successful exchanges in the industry known for its user-friendliness.

By adopting a similar interface, Bybit has made it easier for users to navigate the platform, especially for those already familiar with Binance. The platform also offers a dark mode option, which can be easily switched on and off based on user preference.

Bybit’s user-friendly interface is a positive aspect of the platform that can help users feel more comfortable and confident when trading. However, as with any exchange, users must research and exercise caution when trading on the platform.

You can even choose between simplified and advanced versions of the trading platform. This makes Binance one of the most user-friendly exchanges on the market. It is ideal for quick trades, portfolio building, or long-term investing.

Mobile application

For traders who are always on the go or prefer to trade from their mobile devices, Bybit offers a mobile application on iOS and Android platforms.

On top of that, the app boasts advanced charting and order management features with the same functionality as the desktop version of the platform.

Traders can even set price-level notifications to be sent to their phones. Bybit’s mobile application is a great feature that sets it apart from other exchanges in the industry.

Other exchanges have basic mobile order functionality. Bybit’s app has advanced order forms like the desktop version. This is a rarity in the industry, with only a few other cryptocurrency exchanges like Phemex offering similar features.

The mobile app has been well-received, with tens of thousands of iTunes and Google Play installations. Reviews of the app appear to be positive, which is a testament to its functionality and user-friendly design.

Bybit Perks and Features

Leverage on crypto trading

Bybit offers a unique opportunity to trade cryptocurrencies with leverage of up to 100x, which means you can open a position worth $10,000 with just a $100 investment. Leveraged trading can generate profits but also increases the risk for experienced traders.

Bybit lets users take long or short positions on 15 cryptocurrencies. Traders can bet on price rises or falls. Additionally, Bybit’s trading platform has advanced trading options. Traders can analyze and execute trades with a range of tools.

Bybit offers high-leverage trading, standing out from other crypto exchanges. Traders can earn significant returns on investments. However, traders should also be aware of the risks and caution when trading with leverage.

Platform’s speed

• Bybit can handle up to 135,000 transactions per second, setting itself apart from competitors in speed and efficiency.
• Bybit takes great care to avoid server downtime, a persistent issue for many exchanges during periods of high market activity.
• Traders widely appreciate Bybit’s charting tools for their versatility and extensive features.
• The platform offers a wide range of functionality, allowing users to easily download data in multiple formats for analysis and strategic planning.
• By prioritizing speed and functionality, Bybit is a top choice for reliable crypto trading.

Educational resources

Bybit goes the extra mile to provide its users with a wealth of resources and insights to support traders at all levels of expertise.

“Bybit Learn” is a precious resource that offers detailed guidance utilizing technology tools and interpreting chart patterns effectively.

The platform also provides an in-depth market analysis of individual coins, as well as valuable insights into the world of decentralized finance (DeFi). Additionally, Bybit hosts weekly social media classes to help users stay informed and up-to-date.

Since futures and margins are complex financial instruments, traders must thoroughly understand these tools before utilizing them.

With its robust library of resources and educational materials, Bybit is an excellent platform for users looking to expand their knowledge and develop their trading skills.

Security

Bybit takes security seriously and has implemented various measures to safeguard user assets. All client funds are stored offline in cold storage, ensuring maximum protection against potential hacks or breaches. To prevent unauthorized withdrawals, Bybit manually reviews each withdrawal request.

To further strengthen its security protocols, Bybit participates in a bug bounty program that incentivizes ethical hackers to identify and report any vulnerabilities in the platform.

Additionally, the platform conducts thorough background checks on all employees to minimize the risk of internal security breaches.

At the user level, Bybit has implemented two-factor authentication for all withdrawals and account security settings changes, providing additional protection against unauthorized access.

By prioritizing user security and implementing robust measures, Bybit has established itself as a trustworthy and secure platform for cryptocurrency derivatives trading.

NFT support

In a significant move to diversify its offerings, Bybit launched an NFT market on its platform in 2022. This new feature has attracted over 1 million registered users in just a short period and is now ranked among the top 5 NFT marketplaces based on monthly active users.

The platform makes it incredibly easy for users to access the NFT marketplace and store their collections using the Bybit Web 3 wallet. Creating a wallet on Bybit is as simple as clicking once on the platform.

Additionally, the wallet boasts strong security measures to protect users’ assets, ensuring their safety. In addition, the wallet supports quick swap functions, allowing users to trade their NFTs without hassle.

Bybit’s foray into the NFT market is a positive move for the platform, offering users new opportunities to diversify their portfolios and explore the rapidly growing world of NFTs.

Customer support

Bybit Exchange offers an excellent support system for its users with multiple options to get in touch. The platform has an extensive FAQ section that covers a wide range of topics, making it easy for users to find solutions to common issues.

Additionally, the platform’s live chat feature is available 24/7 and operated by actual people, which adds an extra layer of convenience for users.

If you prefer other communication channels, you can contact them via e-mail or social media channels such as Telegram and Twitter, which have proven very responsive.

Competitive fees

• Bybit has zero fees for investing in cryptocurrencies through its spot markets.
• Users benefit from free fiat currency and cryptocurrency deposits.
• A minimal fee, typically less than $5, is charged for trading and withdrawals.
• Bybit offers the lowest global maker/taker rebate for futures trading, starting at 0.01%/0.06%.
• High monthly trading volumes qualify for a negative fee, which Bybit pays the user.

Fiat currencies deposit and withdrawals

Bybit has introduced the option of funding user accounts through fiat deposits. Bybit lets users deposit funds in five fiat currencies: EUR, GBP, RUB, BRL, and ARS.

It also provides global users with several payment alternatives. However, the options of deposit, withdrawal, buying, and selling may vary by country.

Finally, the deposit options include bank account transfers, SEPA Payments, wire transfers, local e-wallet, faster payments, and Advcash.

Peer-to-peer (P2P) trading

Bybit launched its P2P crypto exchange in January 2022, allowing users to exchange coins and tokens directly with each other. Bybit acts as the intermediary between buyers and sellers and does not charge any fees for this service.

The platform offers a starting monthly price range of $2, aggregating real-time offers and prices for Bitcoin, Ethereum, and Tether (USDT). Currently, these assets are pegged to USDT, providing nine trading pairs.

Bybit offers over 80 payment methods for seamless trade execution. This includes bank transfers, credit/debit cards, and cash payments. It’s an excellent choice for traders.

Compared to other leverage platforms, this P2P exchange is a valuable addition for Bybit’s existing users, offering zero fees and real-time aggregation of the best offers and prices for Bitcoin, Ethereum, and Tether (USDT).

However, users cannot filter merchants, making finding the right buyer or seller more time-consuming.

Interest in crypto

Bybit has added new features to its trading product line, allowing users to earn interest on their crypto holdings.

The exchange’s interest rates are reasonable but not exceptional compared to specialized platforms for earning interest on cryptocurrencies.

This new feature adds another dimension to Bybit’s services. It helps existing users maximize their holdings without active trading.

The higher interest rates for dual asset investments have short timeframes. It’s less suitable for long-term investments.

KYC and withdrawals

Bybit makes it easy for users to withdraw their digital assets without providing additional information for KYC (Know Your Customer). A non-KYC account can withdraw up to 20,000 USD daily and 100,000 USD monthly.

For accounts with KYC level 2 (residency verification), the limits increase with 1 million USDT in daily withdrawals and no limits on the monthly range. Whereas for level 3 KYC accounts, the daily limits are 2 million USDT, and there are no monthly limits.

Opening an account on Bybit

You must follow a few simple steps to open an account on Bybit.

Step 1: Visit the Bybit website

You can navigate to the main website of the Bybit website using a mobile, desktop, or laptop.

Step 2: Sign Up

On the website’s main landing page, click the [Sign Up] button in the top right corner.

Step 3: Enter details

When you click the signup page, you will be taken to create account page. There you need to fill in the necessary information like e-mail and password.

Once done, click [Create Account]. You can also sign up using Apple or Google ID.

Step 4: Verify e-mail

After clicking sign up, you will be asked to confirm the e-mail by putting in the verification code received by mail. Go to your inbox and confirm the code.

Congratulations! You are done with creating an account.

Improvements

Bybit could improve its customer support response times during peak periods and offer more advanced order types to enhance the trading experience.

Additionally, Bybit could consider adding more cryptocurrencies to their trading pairs and expanding their fiat deposit options to reach a broader range of users.

It should be accessible for users in the US and other countries where Bybit currently does not offer services.

Conclusion

Bybit is a leading futures trading platform globally, offering up to 100x leverage and attracting users who prefer to remain anonymous. With a presence in over 180 countries, it is a popular choice for traders worldwide. Bybit stands out as a dynamic and efficient platform for cryptocurrency derivatives trading, boasting unique features and a top-tier position among other global derivatives exchanges.

This exchange ensures the safety, security, and transparency of its operations and offers traders multiple options for trading, including leveraged trading, loss protection, and various payment options. Bybit’s fee structure, promotional offers, and 24/7 customer support create a complete package for crypto traders. While it’s important to note that Bybit does not offer investment advice, online reviews confirm its exceptional reputation as the premier cryptocurrency derivatives exchange company.

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